Prediction; tax revenues leave Minnesota a billion in the hole.
Reality: tax revenues leave Minnesota almost $900 million in surplus.
Conclusion; the Keynesian methods for econometrics are not working well in St. Paul. I think it's time to revisit the Austrian/classical economic view that given man's propensity to act in his own interest, econometrics is largely a fool's errand. And Mr. Dilettante throws cold water on the figures; the surplus is a figment of our imagination that will be paid back with interest in the future.
In other news, the economic "good news" continues with the unemployment rate dropping from 9% to 8.6%. So apparently about .4% of workforce adults, or about 500,000 people, found work, right?
Nope. Only 120,000. What happened? Well, the other 400,000 (or so) people dropped out of the work force, as is shown by the drop in workforce participation from 64.2% to 64%. Again, can we please, please, please revisit the idea that the government knows how to stimulate the economy? It does not seem as if the hypothesis is working too well right now!
Finally, a prayer and praise note; I'm starting to look for other work for a variety of reasons, and I heard from a recruiter already. Don't know if it's what I "want," but it's certainly encouraging.
Mittens for Ben - It’s about 10 degrees today in our area. We have a little fresh now, and the kids were excited to clear it. Ben’s older sisters made sure he had a pair of ...
3 hours ago